Account Management

Add New Account in Extension Wallet

Binance Chain extension wallet would use a similar way to generate keys as Ethereum, i.e. derive the private key using BIP32/BIP44 with HD prefix as "44'/60'/", which is the same as Ethereum's derivation path.

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Whenever you click on โ€œAdd Accountโ€, your seed is extended at the end by a counter value which makes it possible to automatically derive an unlimited number of new addresses in your extension wallet.

How doe it work?

BIP39

โ€‹Bitcoin Improvement Proposal (BIP) 39 defines a formula for the generation of a mnemonic sentence (also referred to as mnemonic words, seed phrase, recovery phrase, etc.)the generation of a seed from that mnemonic sentence. That seed is used to produce your private and public keys, but those details will be covered in the next post in this series.

BIP32

โ€‹BIP 32 is a specification for creating Hierarchical Deterministic wallets. They are wallets that, from a root it can generate multiple "child" private keys in a deterministic way. You only need to remember the "path" of the child key.For example hardware wallets use them from a single root you can generate separate keys for Bitcoin (with path m/44'/0'/0'/0) and Ethereum (path m/44'/60'/0'/0).